Retire With Purpose - The Retirement Podcast

After a sharp rebound in the market, you may still feel the lingering effects of recent volatility. But before the next tide of turmoil, now is an ideal time to deploy the "Sleeping Point" Strategy: adjusting your portfolio to a level where you can sleep soundly at night.  In this episode, we discuss:  The importance of reducing risk before panic How to embrace proactive planning The danger of over-investing How (and when) to stress test your portfolio Today's article is from Pearl's Prime Cuts blog titled, A Good Time for the Sleeping Point Story. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation. Show Notes: RetireWithPurpose.com/503 📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu  📅 SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3z5mXIw  ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process

Les McDaniel, a certified retirement coach at Howard Bailey Financial, joins the discussion on how a lifetime of delayed gratification can become a hurdle in retirement. He explores the psychology behind postponement and the importance of shifting from saving to enjoying life. The concept of a 'joy budget' is introduced, offering tools to reframe spending and enhance personal fulfillment. Listeners learn about the balance between enjoyment and savings while uncovering strategies for personal growth and connection through tradition and heirlooms.

Explore the unpredictable nature of retirement and the importance of planning for various potential futures. Learn how to adapt to life's curveballs while managing common concerns like financial insecurity. Discover insights from futurists and strategies to create a comprehensive retirement plan that accounts for both expected and unexpected challenges. Embrace a proactive mindset as you consider the macro forces shaping your future and the advantages of collaborating with a financial advisor.

Les McDaniel, a certified retirement coach at Howard Bailey Financial, guides listeners through the transformative journey after 50. He emphasizes the importance of tuning into one's intuition and recognizing the signs that signal it's time for a new direction. The discussion covers daily practices for reconnecting with purpose, the detrimental effects of negativity, and ways to embrace simple joys. McDaniel shares techniques for overcoming emotional unrest in retirement and highlights the power of small, intentional actions to foster fulfillment and happiness.

David Blanchett, Managing Director at PGIM DC Solutions and a leading voice in retirement income planning, returns with fresh insights. He tackles the misunderstood 'retirement crisis,' advocating for a view of it as a 'challenge' instead. The conversation dives into adapting the 4% withdrawal rule amidst changing economic conditions, emphasizing personalized retirement strategies. Blanchett also highlights the transformative role of guaranteed income annuities and the essential need for realistic spending patterns in an inflationary environment.

The discussion centers on turning market chaos into personal growth opportunities. Stress can be reinterpreted as a catalyst for thoughtful decision-making. A jazz analogy illustrates the importance of adaptability in financial choices. A four-step framework promotes character development during uncertainty. The speakers advocate for reflection to enhance investment strategies. Mindful decision-making techniques are shared, emphasizing emotional regulation during stressful times and prioritizing life's overall value over just financial gains.

Les McDaniel, a certified retirement coach from Howard Bailey Financial, shares valuable insights on aligning financial strategies with personal values. He discusses the transformative 50/30/20 budgeting rule and how it relates to life satisfaction. McDaniel emphasizes the importance of meaningful versus meaningless time in retirement and introduces the Satisfaction Ratio to enhance joy in daily life. Listeners are encouraged to reassess expectations and prioritize empowerment through financial choices, fostering a life rich in purpose.

The debate on the ideal age to claim Social Security unfolds, challenging the conventional wisdom of waiting until 70. Discover the benefits of filing early and how individual circumstances can shift the optimal claiming age. Understand the concept of a 'breakeven' point when comparing early versus delayed benefits. Delve into personalized strategies that cater to specific financial situations, particularly for singles or widowed individuals. Ultimately, learn how claiming benefits early can enhance your retirement income.

Les McDaniel, a certified retirement coach and the chief purpose officer at Howard Bailey Financial, joins Casey Weade to tackle profound existential questions about life and contentment. They dive into the impact of letting go of control and embracing uncertainty. Discover how the pursuit of pure contentment outweighs chasing fleeting happiness. The duo shares five thought-provoking questions designed to help listeners cultivate mindfulness and joy in the present, all while navigating life's complexities.

In this discussion with Larry Swedroe, former Chief Research Officer at Buckingham Strategic Wealth and author of over 18 books, listeners dive deep into the world of evidence-based investing. Larry emphasizes the power of passive investing and its role in wealth-building. He discusses common emotional biases that lead to poor investment decisions and highlights the importance of a globally diversified portfolio. With insights on risk versus uncertainty, he provides retirees with essential strategies to navigate investment challenges confidently.